The Challenge
The client is the non-life insurance arm of large financial services conglomerate and offers solutions in Motor Insurance, Health Insurance, Home Insurance and Loan Protection segments.
The client wanted to launch a new-age on-demand insurance product under its Motor line of business. Since their existing core insurance system was not supporting on-demand insurance products, the client was looking for a solution that could support on-demand and other such non-conventional insurance products.
The client wanted to launch a new-age on-demand insurance product under its Motor line of business. Since their existing core insurance system was not supporting on-demand insurance products, the client was looking for a solution that could support on-demand and other such non-conventional insurance products.
The Solution
Since iNube’s APIsLive platform was designed to support non-conventional insurance products including on-demand insurance products, iNube proposed and successfully implemented APIsLive for the client.
The highlights of the solution implemented was as follows:-
The highlights of the solution implemented was as follows:-
- APIsLive Platform setup and hosted on AWS Cloud provided by iNube
- On-demand insurance product configured on the platform in 3 days’ time including rules for enrolment of vehicle and daily calculation of premium
- APIs for premium calculation, policy issuance, endorsements, cancellation and claim intimation generated from APIsLive platform.
- APIs generated consumed by B2C portal and a large insurance aggregator
- Reports and dashboard configured in 2 days time.
- MS Excel based Premium Register and Claim Register enabled for download from APIsLive.
- Product goes-live in 6 weeks’ time after integration and UAT.
- Monthly SaaS billing for the product started after go-live, support and cloud infrastructure included as part of SaaS fee.
Value Delivered
Fast go-to-market achieved for new products
Support for non-conventional insurance products on APIsLive platform. Client will be able to quickly configure innovative insurance products and launch them into the markets without any dependency on iNube.
Sandbox environment provided to the client to experiment new product ideas and beta test products.
Opex based pricing. Pay-as-you-use model of pricing.
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